AppLovin sinks amid report that multiple state regulators are looking into its data collection practices
Shares of adtech company AppLovin are on their back foot to open the week on the heels of a report from the New York Post that “state regulators, including staff from the attorneys general from Delaware, Oregon and Connecticut, have reached out to multiple short sellers, seemingly as part of a preliminary investigation.”
AppLovin told the Post that it is “not engaged in any investigations with any state attorneys general regarding its business; nor has the Company been contacted by any state attorneys general regarding any such alleged investigation.”
AppLovin got whacked earlier this month after Bloomberg reported that its data collection practices are the subject of an SEC probe. While they initially bounced after Wall Street suggested selling in response to the news was overdone, they’ve since proceeded to hit fresh lows even after AppLovin said that it had shut down software that short sellers alleged was responsible for installing apps on users’ phones without their permission.
